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+**Policy DIA\\
+Fund Balance\\
+School Board Approved: August 8, 2011**\\
+In accordance with the governmental accounting standard, GASB Statement No. 54, the Jaffrey-Rindge School Board recognizes the following five categories of fund balance for financial reporting purposes:\\
+  * Non-spendable Fund Balance: Non-cash assets such as inventories or prepaid items and principal of endowment funds.
+  * Restricted Fund Balance: Funds legally restricted for specific purposes, such as grants, food service, reserve funds and expendable trust funds.
+  * Committed Fund Balance: Amounts that can only be used for specific purposes pursuant to a formal vote of the legislative body such as warrant articles approved by the voters authorizing non-lapsing appropriations or transfers to a capital reserve or expendable trust fund for a specified purpose.
+  * Assigned Fund Balance: Amounts intended by the Jaffrey-Rindge School Board for specific purposes. Items that would fall under this type of fund balance could be reserve for encumbrances, open contracts and purchase orders.
+  * Unassigned Fund Balance: Residual spendable fund balance after subtracting all of the above amounts. \\
+**Spending Prioritizations** \\
+When an expenditure is incurred that would qualify for payment with either restricted or unrestricted funds, it will be paid from restricted funds.
+When an expenditure is incurred that qualifies for payment from either of the three unrestricted fund balance categories, it will be applied in the following order: 1) Committed, 2) Assigned, 3) Unassigned.
+**Assigned Fund Balance**\\
+The Jaffrey-Rindge School Board expressly delegates to the Superintendent or his/her designee the authority under this policy to assign funds for particular purposes. \\
+**Deficit Fund Balance**\\
+At year end, if any of the special revenue funds (i.e. food service, vocational education funds, etc.) has a deficit unassigned fund balance then the Superintendent or his/her designee is authorized to transfer funds from the general fund to cover the deficit, providing the general fund has money to do so.
+**Unassigned Fund Balance** \\
+The Jaffrey-Rindge School Board will turn back any unassigned general fund balance at year-end to offset the next fiscal year’s tax rate for the Towns of Jaffrey and Rindge.
+**Annual Review** \\
+Compliance with the provisions of this policy shall be reviewed as part of the annual budget adoption process.
+**Legal References:**\\
+//Governmental Accounting Standards Board Statement 54 (GASB 54) \\
+RSA 32, Municipal Budget Law \\
+RSA 33, Municipal Finance Act \\
+RSA 35, Capital Reserve Funds \\
+RSA 198, School Money// \\
+{{ ::dia_fund_balance.pdf |Download}}\\
 [[section_d|Section D]]\\
 [[start|Policy Manual]]

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